I hesitate to apply wave labels until we get more shakeout. However if a wave (iii) down is coming, it won't be long. We should see more severe selling if thats the case very soon.
The market is neither oversold, not overbought. Sentiment is a mixed bag overall with some very bullish things occurring (bearish for market) and some not so bullish.
The Wilshire has a neat little H&S pattern so we cannot ignore that.
THE MINOR WAVE 4 TRIANGLE (RANGEBOUND MARKET) COUNT:
This count would frustrate both bulls and bears I suspect.